Netflix has been struggling to show meaningful growth given a weak economy, increased competition, and an increasingly oversaturated US market. The world’s leading streaming service has subsequently announced a new strategy to boost growth.
Netflix has a projected revenue of $8.2billion for this quarter. That’s a 4% rise from a year earlier. Netflix is currently projecting a profit of $2.82 a share, up from $1.33 a year ago. While Wall Street expects the company to pick up the pace in the June quarter, the company is still seeking ways to maximise growth.
Netflix has already unveiled a low-end ad-supported subscription tier. It has also promised to crack down on password sharing. So far, it hasn’t taken any concrete steps to do so. According to reports, the streaming giant is also developing a feature that would let users use their iPhones to control games on their TVs.
Netflix also recently suggested cutting prices in about 100 smaller markets in an effort to boost subscriber demand in those areas. In the U.S. and Canada, the company has lost around one million subscribers over the last four quarters.
